General description of system
Cosigma's Cover system is a comprehensive software package which can be used for calculation of technical provisions and liability cash flow projections in any type of (life-) insurance company or pension fund. This can be done for arbitrary types of products and under any assumptions about risk drivers and the corresponding probability distributions.
Functions performed
Cover is built on the newest Microsoft technology and the key features are:
- At the core of Cover is a fully flexible sample space that makes it possible to define arbitrary events, states and transitions. Examples are recovery transitions, surrender transitions and different disability degrees.
- Arbitrary probability measures whereby any type of transition intensities or stochastic variables can be used in connection with the sample space.
- Parser functionality such that any insurance product can be defined by writing equations directly in the interface.
- Everything is stored with date and revision number, including policy statuses and events. This makes it possible to create rollbacks of the insurance portfolio to a given date.
- The outcomes can be used directly as inputs in risk management systems for further risk analysis and reporting
Possible outcomes:
- Cover can generate future cash flows for an arbitrary type of insurance product
- Possible to calculate policy-by-policy cash flows
- Market valuation and stress test of the liabilities based on the cash flow projections
- Solvency II-compliant value of the technical provisions (best estimate and risk margin) calculations
Specific Solvency II features
Possible to model arbitrary risk drivers and embedded options as surrender and lapses directly as part of the cash flows
Possible to calculate Solvency II compliant values of the technical provisions (best estimate and risk margin)
Stress test and what-if analyses are easily performed.
Cover can be integrated with Cosigma's dFacto, an internal or a third party ERM/ALM system.
Specifications
Cover comes either as a stand-alone desk-top application or as a (.dll) solution for easy integration with systems already in use.
A Data-Access-Layer (DAL) provides access to input data from the most common types of databases.
It does not require programming skills to run Cover.
With run-time compilation, multithreading and caching capabilities, the execution time is limited to a minimum
Licensing/sales/support
Cover is supported by Cosigma consultants with deep knowledge of the IT, insurance, finance and risk management areas.
Cover is constantly upgraded to be regulatorily compliant.
The pricing model is based on an upfront and yearly licence fee depending on the specific needs.
Types of user
Actuaries and risk officers are the principal users of Cover across the full range of functions.
Areas/countries with the most users
All of Europe is the primary target area
Contact persons and details
Peter Trägårdh Christensen
Email: ptc@cosigma.com
Telephone: +45 6165 7560
Martin Skovgaard Hansen
Email: ms@cosigma.com
Telephone: +45 2990 3857